Supreme Court has dismissed Revenue’s SLP in respect of bogus purchases against Gujarat High Court’s decision

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Supreme Court has dismissed Revenue’s SLP in respect of bogus purchases against Gujarat High Court’s decision

S.69 Bogus purchases
Supreme Court has dismissed Revenue’s SLP in respect of bogus purchases against Gujarat High Court’s decision –  [2018] 94 taxmann.com 324 (Gujarat), wherein it was held that purchases cannot be treated as bogus if:
    • Purchases supported by bills
    • Payment made by account payee cheques
    • Transaction has been confirmed by the supplier
    • No adverse inference as to sale against said alleged purchases
    • The supplier has accounted for the purchases made by the assessee and paid taxes thereon
    • No evidence to show that the amount was recycled back to the assessee
PCIT v. Tejua Rohitkumar Kapadia [2018] 94 taxmann.com 325 (SC)

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